Fannie Mae and Freddie Mac have aggressively used their government support to achieve extraordinarily high profitability and domination of the residential mortgage market.
The 2008 financial crisis--like the Great Depression--was a world-historical event. What caused it will be debated for years if not generations. The conventional narrative about the financial crisis is that it was caused by greed on Wall Street and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most
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